How To Save Money And Avoid Stress By Insuring A Motorcycle

Stoicism is an ancient philosophy that originated in Greece and was later promoted by the Roman Empire. The knowledge of this philosophy was, until the 90s, confined mostly to academics and enthusiasts.

However, it’s seen a huge surge in popularity ever since. Especially by businesses and government leaders tackling problems in a post-recession world.

And for good reason.

One of the most basic (and widely known) tenets of Stoicism is this

Life is comprised of two things: things in our control, and things not in our control.

The former is all that matters. And is made up of your thoughts, beliefs, actions, and pursuits.

You may find it strange that we used ancient Greek philosophy to segway into an article about motorcycle insurance, but the basic nature of insurance encapsulates this tenet.

Because life is unpredictable, and there’s no way for you to predict what happens in the future.

And as motorcycle riders who love our vehicles to death (sometimes literally), we have to accept the safety risks that come with our passion.

We can’t prevent bad things from happening to us, but we can prepare against them.

This article is going to tell you all about what you need to prepare for when insuring a motorcycle.

Types Of Motorcycle Insurance Coverage 

The following factors are generally the ones covered by most motorcycle insurance providers.

Collision

The name is self-explanatory. Collision insurance covers costs incurred to repair/ replace vehicles due to the damage sustained in the event of a collision with another vehicle.

Collision Insurance Coverage covers the following:

• An accident with another vehicle
• An accident with another object (a fence, a billboard, a side rail on the road)
• Damage caused to your motorcycle 

Collision insurance does not cover:

• Damage caused by external events not related to driving (like a flood or thunderstorm)
• Damage caused to another vehicle 
• Medical/ healthcare bills

Comprehensive 

Comprehensive coverage is the opposite of collision coverage. Which is why it’s known as ‘Non-Collision’ coverage in some states. 

Comprehensive coverage covers damage sustained to your motorcycle from non-riding damage.

(Keep in mind that comprehensive coverage is optional, but we still highly recommend you opt for it).

Comprehensive coverage covers the following:

• Anti-theft
• Vandalism (such as fire, riots, and explosions)
• Falling trees/limbs and other objects
• Rocks/objects falling off cliffs
• Storms, hail, wind, floods, lightning, and earthquakes
• Accidents with animals

Personal injury protection

If you’re in a state that has by no-fault insurance laws, you’re in luck.

No-fault insurance is a type of motorcycle insurance coverage option that pays for yours and your pillion rider’s medical bills if you get injured in an accident, regardless of who is at fault. It’s also known as the Personal Injury Protection law.

Required in some states, optional in many, and unavailable in others- read up on whether the state you reside in offers PIP coverage.

Personal Injury Protection covers the following:

• Medical Bills
• Lost wages (those that are not covered by medical payment insurance)
• Your stay at the hospital
• Childcare
• Funeral expenses

It does not cover:

• Deductibles already present in your healthcare insurance
• Co-pays (A small amount of money you pay to the hospital while your insurance covers the rest. God Bless American healthcare)
• Dental Expenses
• Prescriptions
• Home care

Medical payments 

Medical payments are very similar to PIP, except they don’t cover lost wages. 

We highly recommend getting insured on as many fronts as you can, though.

Liability

Liability insurance is a coverage option that deals with costs incurred during an accident involving other people and property. Any damage caused by another person’s assets in the form of bodily injury and property damage will be covered by your insurance.

Most states require liability coverage.

Additional Motorcycle Insurance Coverage

Trip interruption 

If your bike breaks down and you’re stranded far from home- this insurance will cover your hotel stay, transportation, and food.

Custom parts 

Anything you accessorize your motorcycle with (such as saddlebags), will have its cost of purchase compensated if damaged in the event of an accident.

Roadside assistance

Covers the cost incurred for towing, labor, assistance employed if your motorcycle is stranded on the road.

The 5 Best Insurance Providers 

There is a myriad of insurance providers out there, and they’re all going to tell you that they’re the best for you.

This is why you need to do your research before letting a corporation take charge of your health, wealth and most important of all – your motorcycle.

 1) Markel

Specialized in motorcycle insurance for over 40 years, Markel is one of the most widely sought after motorcycle insurance providers in the country.

Founded in 1980, this provider based out of and provided extensive discounts for more even the most customized areas in motorcycle insurance.

Markel provides the following types of insurance coverage:

1. Collision
2. Comprehensive
3. Accessories Coverage 
4. Uninsured/Underinsurance Motorist
5. Mechanical Breakdown
6. Trailer
7. Medical Payments
8. Funeral Expense
9. Bodily Injury And Property Damage Liability
10. Passenger Liability
11. Roadside Assistance, 
12. Emergency Delivery Of Supplies, 
13. Emergency Tire And Battery Service, 
14. Emergency Trip Interruption Reimbursement, 
15. Customized Road Mapping Service, 
16. Locksmith Service 
17. Rental Reimbursement Coverage

2) Allstate

“Are you in good hands?” is the advertising campaign of this US-based insurance provider company.

Most advertising campaigns are BS, but this one isn’t.

Because if you get your motorcycle covered by Allstate, you are in good hands.

It provides the following insurance schemes:

1. Medical Payments
2. Personal Injury Protection
3. Collision
4. Comprehensive
5. Uninsured/Underinsured Motorist
6. Off-road Vehicle Transport
7. Trailer Damage Insurance
8. Property Damage/Bodily Injury Liability
9. Optional/Added Equipment Coverage
10. Genuine Parts Guarantee
11. Towing

3) Safeco

Safeco is a part of the Liberty Mutual Insurance Group, the third-largest personal-and-casualty insurer in the US. Liberty Mutual is a mutual company where policyholders holding contracts for insurance are considered shareholders in the company- which means you get to enjoy a lot of benefits based on the principle of mutuality.

Safeco provides the following insurance coverage options:

1. Bodily Injury And Property Damage Liability
2. Liability For Guest Passengers
3. Comprehensive
4. Collision
5. Medical Payments
6. Uninsured/Underinsured Motorist
7. Custom Parts/Equipment
8. Roadside Assistance

4) USAA

The United Services Automobile Association is a Fortune 500 company offering banking, investing, and insurance to people and families who serve, or served, in the United States Armed Forces.

Founded in 1924 as an alternative for those who couldn’t secure auto insurance (as USAF personnel was considered a high-risk group), a group of 25 Army Officers decided to found an insurance company based on the principle of mutual self-insurance. As of 2018, it has more than 12.8 million members and counting.

It provides the following forms of insurance coverage (in the form 1 year policy terms):

1. Liability For Bodily Injury And Property Damage
2. Comprehensive
3. Collision
4. Custom Parts And Equipment
5. Uninsured/Underinsured Motorist
6. Medical Payments
7. Roadside Assistance

5) Farmers Insurance Group

Farmers Insurance Group is a provider that offers coverage options for automobiles, homes and small businesses.

This is why you should look into policy bundling (which FIG is well-known for) if you’re looking to get your motorcycle insured- due to the amount of time, money and effort you can save on multi-policy discounts.

FIG provides the following insurance coverages:

1. Liability For Bodily Injury And Property Damage
2. Collision
3. Comprehensive
4. Medical Payments
5. Safety Apparel Coverage
6. Optional Equipment Coverage Up To $15,000
7. Trailer Transport Coverage Up To $7,500
8. Towing And Roadside Assistance
9. Trip Interruption Coverage 
10. Replacement Cost Coverage For Motorcycles Less Than Two Years Old. 

What kinds of people can snag the best insurance rates?

There are two parties involved in securing an insurance deal: you, and the provider.

And both parties have a vested interest in the transaction that takes place.

This is why you have to think about how you choose your insurance deal from the provider’s perspective as well.

Keep the following factors in mind:

• A good driving record is key
• 25-to-60-year-olds will get better rates than people of a younger age
• Cruising/ Touring bikes get better rates when pit against Sports motorcycles
• States with the highest number of riders provide the best insurance (North Dakota, Iowa, and Oklahoma).

Tips To Get Cheaper Motorcycle Insurance

1. Take a certified training course 

The Motorcycle Safety Foundation rider course does more than train you to ride safer. It also allows you to attain insurance rates that are much easier on your wallet. Especially for you young-ins (18-25-year-olds).

2. Policy Bundling

Especially pronounced in providers like the Farmers Insurance Group, getting a multi-policy discount for all of your vehicles in addition to your home insurance can snag you a great rate.

3. Be part of a club

Being a member of certain recognized motorcycle clubs awards you with a higher discount on your insurance.

4. A Good Driving record

Self-explanatory. Nothing says “I’m not going to waste all that corporate money” like a good, clean driving record.

Conclusion

Prevention is always better than cure.

And you can’t prevent accidents that are out of your control from happening to you, but you can prevent yourself from unnecessarily losing large amounts of money.

That’s why doing your homework on insurance providers and schemes is so important.

Good luck.